5th Grade Social Studies Georgia Milestone Review

Which of the following is one role of the household sector of an economy?

• To collect taxes

• To pay interest

• To provide goods

• To consume services

Which of the following BEST describes the business sector of the U.S. economy?

• The business sector creates wants and needs.

• The business sector is financed by the government.

• The business sector supplies labor to resource markets.

• The business sector produces goods and provides services.

Which of the four maojr sectors in the U.S. economy provides checking accounts, savings accounts, and loans?

• Banks

• Households

• Government

• Private Businesses

How to banks in the U.S. make MOST of their money?

• Taking customers' property

• Investing in the stock market

• Selling houses that they buy from customers

• Loaning money to individuals and businesses

What is the main way that most households and private businesses support the government economically?

• They pay taxes to the government.

• They provide loans to the government.

• They perform services for the government.

• They purchase services from the government.

Which of the following is an example of a price incentive?

• A gallon of milk only cost $1.50 ten years ago, but today it costs $2.25.

• An employer gives an employee a raise to reward her for her hard work.

• A stockbroker buys a share of stock and sells it later in order to make a profit.

• A store usually sells candy bars for $1.00, but today they are selling them for $0.75.

What is a person who is a risk taker, hard worker, and has an attitude for success?

• Banker

• Consumer

• Entrepreneur

• New Employee

Which of the following scenarios demonstrates a good budgeting practice?

• Julie's monthly income is less than her monthly expenses.

• Carly's monthly taxes are equal to her monthly expenses.

• Rico spends less money each month than he earns at his job.

• Sam spends more money each month than he earns at his job.

Why was the Chisholm Trail important to America?

• It created the desire to build more roads for transportation.

• It provided a source of income for Chinese immigrants.

• It supplied the Eastern states with a supply of beef.

• It improved homesteaders' ability to find land.

What importance did Cattle Trails have for former male slaves?

• Black cowboys were treated more fairly than white cowboys but sill paid the same.

• Black cowboys were not allowed to drive their cattle up the Chisholm Trail due to the color of their skin.

• Black cowboys were treated more fairly than in other areas of the country and paid based on their skills.

• Black cowboys were always treated unfairly on the cattle drive and paid much less than the white cowboys.